Equity

BGF Continental European Flexible Fund

Overview

Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. The Fund may seek to exclude Funds which are not subject to ESG-related requirements. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.

All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company

To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges.

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Performance

Performance

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Distributions

Ex-Date Total Distribution
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This chart shows the fund's performance as the percentage loss or gain per year over the last 8 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -2.0 20.9 -14.0 36.8 26.3 26.8 -23.8 19.9
Constraint Benchmark 1 (%) 3.3 13.0 -10.5 27.6 2.8 25.2 -12.0 18.5

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

  1y 3y 5y 10y Incept.
18.18 4.93 14.22 - 9.60
Constraint Benchmark 1 (%) 19.13 8.41 11.07 - 7.04
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
12.82 2.93 3.04 16.83 18.18 15.54 94.44 - 132.45
Constraint Benchmark 1 (%) 10.68 3.87 6.06 14.79 19.13 27.39 69.02 - 86.96
  From
31-Mar-2019
To
31-Mar-2020
From
31-Mar-2020
To
31-Mar-2021
From
31-Mar-2021
To
31-Mar-2022
From
31-Mar-2022
To
31-Mar-2023
From
31-Mar-2023
To
31-Mar-2024
Total Return (%)

as of 31-Mar-2024

-3.81 60.55 4.97 -0.62 19.93
Constraint Benchmark 1 (%)

as of 31-Mar-2024

-10.37 40.10 7.37 4.57 16.94

The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past

Share Class and Benchmark performance displayed in EUR, hedged share class benchmark performance is displayed in EUR.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock

Key Facts

Key Facts

Net Assets of Fund
as of 12-Jun-2024
EUR 6,239,407,702
Fund Launch Date
24-Nov-1986
Fund Base Currency
EUR
Constraint Benchmark 1
FTSE World Europe x UK TR - in EUR
Initial Charge
5.00%
ISIN
LU1202926504
Performance Fee
0.00%
Minimum Subsequent Investment
-
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BCOD4RF
Share Class launch date
18-Mar-2015
Share Class Currency
EUR
Asset Class
Equity
SFDR Classification
Article 8
Ongoing Charges Figures
1.06%
Annual Management Fee
0.75%
Minimum Initial Investment
EUR 100,000.00
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Europe ex-UK Equity
Dealing Frequency
Daily, forward pricing basis
SEDOL
BWBXRH7

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-May-2024
42
Standard Deviation (3y)
as of 31-May-2024
19.40%
P/E Ratio
as of 31-May-2024
22.30
12 Month Trailing Dividend Distribution Yield
as of 31-May-2024
0.80
3y Beta
as of 31-May-2024
1.188
P/B Ratio
as of 31-May-2024
3.69

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.

The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC)
as of 19-May-2024
AA
MSCI ESG Quality Score (0-10)
as of 19-May-2024
7.90
Fund Lipper Global Classification
as of 19-May-2024
Equity Europe ex UK
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 19-May-2024
77.29
MSCI ESG % Coverage
as of 19-May-2024
98.54
MSCI ESG Quality Score - Peer Percentile
as of 19-May-2024
53.71
Funds in Peer Group
as of 19-May-2024
445
MSCI Weighted Average Carbon Intensity % Coverage
as of 19-May-2024
97.29
All data is from MSCI ESG Fund Ratings as of 19-May-2024, based on holdings as of 31-Dec-2023. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of 31-May-2024
0.00%
MSCI - Nuclear Weapons
as of 31-May-2024
0.00%
MSCI - Civilian Firearms
as of 31-May-2024
3.73%
MSCI - Tobacco
as of 31-May-2024
0.00%
MSCI - UN Global Compact Violators
as of 31-May-2024
0.00%
MSCI - Thermal Coal
as of 31-May-2024
0.00%
MSCI - Oil Sands
as of 31-May-2024
0.00%

Business Involvement Coverage
as of 31-May-2024
99.59%
Percentage of Fund not covered
as of 31-May-2024
0.43%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.00%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BGF Continental European Flexible Fund, Class D4, as of 31-May-2024 rated against 578 Europe ex-UK Equity Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective 28-Jun-2023)

Holdings

Holdings

as of 31-May-2024
Name Weight (%)
NOVO NORDISK A/S 9.81
ASML HOLDING NV 7.39
LINDE PLC 4.87
LVMH MOET HENNESSY LOUIS VUITTON SE 4.66
COMPAGNIE FINANCIERE RICHEMONT SA 3.71
Name Weight (%)
COMPAGNIE DE SAINT GOBAIN SA 3.66
SCHNEIDER ELECTRIC SE 3.29
HERMES INTERNATIONAL SCA 3.15
STMICROELECTRONICS NV 3.03
BE SEMICONDUCTOR IND. 2.99
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-May-2024

% of Market Value

Type Fund Benchmark Net
as of 31-May-2024

% of Market Value

Type Fund Benchmark Net
as of 31-May-2024

% of Market Value

Type Fund Benchmark Net
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class D4 EUR 47.54 0.85 1.82 12-Jun-2024 47.54 35.80 LU1202926504
Class I2 Hedged GBP 11.27 0.20 1.81 12-Jun-2024 11.27 8.41 LU2404648292
Class A4 Hedged GBP 45.49 0.82 1.84 12-Jun-2024 45.49 34.17 LU0534241806
Class I4 USD 34.72 0.96 2.84 12-Jun-2024 34.72 28.81 LU2728923421
Class A4 GBP 38.80 0.71 1.86 12-Jun-2024 38.80 30.32 LU0071969892
Class I4 GBP 27.05 0.49 1.84 12-Jun-2024 27.05 21.01 LU1330249563
Class D2 Hedged GBP 50.07 0.90 1.83 12-Jun-2024 50.07 37.43 LU0827876235
Class D2 EUR 53.32 0.96 1.83 12-Jun-2024 53.32 40.15 LU0406496546
Class I2 Hedged USD 28.56 0.52 1.85 12-Jun-2024 28.56 21.23 LU1207311066
Class I2 USD 40.02 1.12 2.88 12-Jun-2024 40.02 29.35 LU2315844121
Class D4 GBP 40.12 0.73 1.85 12-Jun-2024 40.13 31.21 LU0827876318
Class D2 Hedged USD 77.83 1.42 1.86 12-Jun-2024 77.83 57.95 LU0827876151
Class I4 EUR 32.05 0.57 1.81 12-Jun-2024 32.05 24.10 LU1505937943
Class D2 USD 57.76 1.61 2.87 12-Jun-2024 57.76 42.44 LU1984140423
Class A2 EUR 47.45 0.84 1.80 12-Jun-2024 47.45 35.91 LU0224105477
Class I4 Hedged USD 28.63 0.52 1.85 12-Jun-2024 28.63 21.29 LU1505938164
Class D4 Hedged USD 82.10 1.49 1.85 12-Jun-2024 82.10 61.14 LU0669554353
Class A2 Hedged USD 27.39 0.50 1.86 12-Jun-2024 27.39 20.49 LU1196525536
Class D4 Hedged GBP 47.10 0.85 1.84 12-Jun-2024 47.10 35.21 LU0827876409
Class A2 USD 51.41 1.43 2.86 12-Jun-2024 51.41 37.95 LU0769137737
Class I2 EUR 36.94 0.66 1.82 12-Jun-2024 36.94 27.77 LU0888974473
Class A4 EUR 46.29 0.83 1.83 12-Jun-2024 46.29 35.03 LU0628613803

Portfolio Managers

Portfolio Managers

Giles Rothbarth
Giles Rothbarth

Literature

Literature